Pandemic Pros and Cons for Businesses
The time has come to reflect on the impact the pandemic has had on businesses so far, the pros and cons that we’ve experienced ourselves, and as avid networkers, the experiences of other business owners we’ve spoken with.
Rather than listing pros then cons we’re going to look at it differently. Let’s instead look at the different facets of business and how the pandemic has impacted each in positive and negative ways.
We hope this approach will help you see that there’s always a positive to take away and apply to every part of your business journey as we continue to navigate the pandemic through 2021.
Income and investing
With all the uncertainty in the economy the majority of businesses will have seen a dip in revenue, which was likely particularly noticeable back in the spring with businesses trying to recover ever since.
With less income comes more risk for businesses who want to invest in new product development, processes and systems. It’s become much more important to make solid decisions when it comes to cash flow and costs, which we will look at in more detail later.
For those businesses that have lost income it’s never been so important to be innovative. New products, new services, new departments, even whole new companies, we’ve all had to adjust to survive and thrive.
We know this first-hand as we founded Viisi as a direct result of the pandemic – we were individually looking for new opportunities and when you do that rather than burying your head in the sand, great things can still happen.
Without Zoom and similar services, Viisi wouldn’t exist. In fact, we were well along with our business journey before all the founders had even met face to face. We thought up, executed and grew a business completely remotely. That’s what’s possible.
Thanks to these technologies we can all now get more done. Of course though, nothing beats a face-to-face meeting for building relationships and for doing business with clients, we’re certainly looking forward to getting back to those days when we can.
Most commutes are now a flight of stairs. There’s less driving up and down motorways, taking long distance trains and staying over in hotels. It’s become more accepted to get things done remotely.
Will this continue?
We’ve no doubt that Zoom is here to stay, but we don’t see it being the new normal for all meetings. It should help limit wasted journeys and save time though as meetings can be qualified better and we can have pre-sessions on Zoom prior to face-to-face meet ups.
We see Zoom and physical meetings dovetailing well in the future rather than one replacing the other.
Energy vs time
The big one. We all have more time but for many it will come with a lack of energy, poor routine, not as much enthusiasm, and perhaps more limiting beliefs.
BUT, if you manage to keep positive and you are in a position to press forward this is a great time to get new foundations built ready for a new, brighter future.
Rethink your strategy, upgrade your website, re-brand, and build a better offering that’s ready to go when things start to get back towards normality.
That’s not to say do this and then sit around and wait though, market yourself proactively as much as you can. When times are hard smart companies do more marketing, not less.
Your buyers have more time to listen to you, strong prospects will be keen to kick off projects quicker, and decision makers want action.
Depending on your market you may still find it difficult to attract new clients at the moment but even if you’re unsuccessful you’re still building brand awareness all the time.
It’s survival of the fittest now. Those companies that have adapted as we’ve discussed here and embraced the new technologies will have fared a lot better than those who didn’t. If you’re still stuck though, it’s not too late. January is the time to restart and go again.
Companies that have shifted, or act quickly now to do so, will be more adaptable to cope with future challenges too. They will be leaner and with working from home set to remain the norm for many, companies will need less office space making them even more adaptable and able to invest the money saved elsewhere.
Mental health and support
All individuals and companies will handle the pandemic in their own way doing whatever they can along the way to preserve their physical health, mental health, and their business.
Panic, fear, depression and anxiety are normal in times of such trouble and uncertainty but we’ve seen business owners stick together, be empathetic to one another, and help each other through this time and it’s been great to witness.
We’re in this together. We’re here to chat if you need a friendly ear or any advice.
Finally, let’s look at our industry more and what we’ve experienced. After all, marketing has a major impact on every business’ success so it’s important to know how best to allocate any marketing budget you have to invest.
We saw first-hand that marketing was one of the first things to get the chop when the initial panic around pandemic began in spring.
But know this:
There’s proof that companies that continue to market during a recession come out far stronger than those who purely focus on cost cutting.
A study by the Harvard Business Review following the Great Recession of 2008-2009 proved this point. Here’s a snippet from their findings:
“Companies that master the delicate balance between cutting costs to survive today and investing to grow tomorrow do well after a recession. Within this group, a subset that deploys a specific combination of defensive and offensive moves has the highest probability—37%—of breaking away from the pack. These companies reduce costs selectively by focusing more on operational efficiency than their rivals do, even as they invest relatively comprehensively in the future by spending on marketing, R&D, and new assets. Their multipronged strategy... is the best antidote to a recession.”
If you stop all your marketing, you will struggle to have the pipeline that you need to compete when we’re through the other side, plus your brand awareness will have taken a major hit.
If you consciously spend selectively on the right marketing at the right time, you will be ready to prosper above the competition. Even if you don’t have the marketing budget you once did, there’s a lot you can achieve if you know how to use what you have most effectively.
Do you need our help?
So you know we’re keen networkers and fully Zoomed up, let’s chat! Email firstname.lastname@example.org and let’s get a Zoom call in the diary. We will give you a FREE 30-minute consultation to help you plan and market your way out of this.
All the best,